Mogul bails on deal with models’ dad

A New York real estate tycoon has ditched his plan to buy the problem-plagued $50 million Bel Air spec mansion owned by the developer dad of supermodel sisters Gigi and Bella Hadid.

Bruce Lifton was in contract to buy the already partially demolished property for $9 million after Mohamed Hadid (below with Gigi and Bella) announced he was too broke to fulfill a court order to tear it down.

Though the escrow process started in February, Lifton recently informed the receivership now handling the sale that he would be “walking away from the deal,” according to a Monday court filing obtained by the Daily News.

Lifton’s cold feet followed after city officials “indicated for the first time” last month that the mammoth mansion’s “existing retaining walls would need to be removed and the property regraded,” receiver Douglas Wilson said in the filing.

The home has been a financial fiasco for Hadid, leading to a lawsuit from nearby neighbors, a criminal conviction for the luxury builder and a final court determination that the house is a “clear and present danger” that must be razed.

The civil lawsuit was filed in 2018 by two couples living downhill from the 30,000-square-foot concrete behemoth.

Plaintiffs John and Judith Bedrosian and Joseph and Beatriz Horacek have dubbed the house “the most illegal structure ever constructed” in Los Angeles.

They allege Hadid illegally graded and “destabilized” the hill directly above their properties after getting city clearance to construct a “much smaller home.” They also claim a building inspector was bribed to keep the project afloat.

Hadid denies any wrongdoing, claiming he hired top engineers and architects to build the home.

He even countersued Joseph Horacek with allegations the neighbor attempted to extort him for millions — claims Horacek denies. The civil case is due to begin trial later this month.

Lifton did not return a call seeking comment left at his New York office.